October 10, 2019 / 5:53 AM / 11 days ago

BRIEF-Sporting Reaches New Financing Deal with Millennium BCP And NOVO Banco

Oct 10 (Reuters) - Sporting Clube de Portugal Futebol SAD :

* SAID ON WEDNESDAY TO ALTER FINANCING CONTRACTS WITH MILLENNIUM BCP AND NOVO BANCO

* CHANGE IN TERMS OF CALL OPTION OF MANDATORY CONVERTIBLE SECURITIES (VMOC) TO SET FIXED PRICE CORRESPONDING TO 0.30 EUROS PER VMOC

* EXTENDABLE TO ALL VMOC AND “SPORTING VALUES” FROM 2010 AND 2014 HELD BY BANKS ON DUE DATE OF CALL OPTION

* TO REDUCE ALLOCATED FUNDS OF “EXCESS OF SALE OF PLAYERS REGISTRATIONS” TO 30% WITH 15% FOR EARLY REPAYMENT AND 15% FOR REINFORCEMENT OF RESERVE ACCOUNTS

* TO REDUCE PERCENTAGE OF FLOW CASH SWEEP MECHANISM AVAILABLE AFTER SERVICE OF PERMITTED DEBT TO 20% WITH 10% FOR EARLY REPAYMENT AND REINFORCEMENT OF RESERVE ACCOUNTS

Source text: bit.ly/2OAGLy6

Further company coverage: (Gdansk Newsroom)

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